Balance Sheet Components (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Balance Sheet Related Disclosures [Abstract] |
|
| Components of Receivable, Net |
The components of Receivable, net are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2023 |
|
|
2024 |
|
|
|
(Restated) |
|
|
|
|
Trade accounts receivable |
|
$ |
58,357 |
|
|
$ |
43,806 |
|
Other receivables |
|
|
447 |
|
|
|
1 |
|
Total receivables |
|
|
58,804 |
|
|
|
43,807 |
|
Less: Allowance for credit losses |
|
|
(2,551 |
) |
|
|
(3,402 |
) |
Receivables, net |
|
$ |
56,253 |
|
|
$ |
40,405 |
|
|
| Schedule of Allowance for Credit Losses Activity |
The Allowance for credit losses activity was as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, |
|
|
Year Ended December 31, |
|
|
|
2023 |
|
|
2024 |
|
|
|
(Restated) |
|
|
|
|
Beginning balance |
|
$ |
2,095 |
|
|
$ |
2,551 |
|
Provision increase |
|
|
954 |
|
|
|
1,408 |
|
Recoveries |
|
|
(46 |
) |
|
|
(63 |
) |
Amounts written-off |
|
|
(452 |
) |
|
|
(494 |
) |
Ending balance |
|
$ |
2,551 |
|
|
$ |
3,402 |
|
|
| Schedule of Inventories, Net |
Inventories, net consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2023 |
|
|
2024 |
|
|
|
(Restated) |
|
|
|
|
Finished goods |
|
$ |
70,825 |
|
|
$ |
60,657 |
|
Raw materials |
|
|
21,271 |
|
|
|
10,763 |
|
Gross inventory |
|
|
92,096 |
|
|
|
71,420 |
|
Less: Excess and obsolescence reserve |
|
|
(24,018 |
) |
|
|
(29,430 |
) |
Inventories, net |
|
$ |
68,078 |
|
|
$ |
41,990 |
|
|
| Schedule of Inventory Excess and Obsolete Provision |
The following table reflects the activity in the Company’s Inventory excess and obsolete provision (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Year ended
December 31, |
|
|
Year Ended December 31, |
|
|
|
2023 |
|
|
2024 |
|
|
|
(Restated) |
|
|
|
|
Beginning balance |
|
$ |
10,746 |
|
|
$ |
24,018 |
|
Inventory written off |
|
|
(798 |
) |
|
|
(569 |
) |
Increase (decrease) in excess and obsolete provision |
|
|
14,070 |
|
|
|
5,981 |
|
Ending balance |
|
$ |
24,018 |
|
|
$ |
29,430 |
|
|
| Schedule of Other Noncurrent Assets |
Other noncurrent assets consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2023 |
|
|
2024 |
|
|
|
(Restated) |
|
|
|
|
Supplier prepayments |
|
$ |
2,128 |
|
|
$ |
11,797 |
|
Prepaid security deposit |
|
|
554 |
|
|
|
539 |
|
Debt issuance costs |
|
|
364 |
|
|
|
— |
|
Other |
|
|
417 |
|
|
|
1,308 |
|
Other noncurrent assets |
|
$ |
3,463 |
|
|
$ |
13,644 |
|
|
|
|
|
|
|
|
|
| Schedule of Accrued Liabilities |
Accrued liabilities consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2023 |
|
|
2024 |
|
|
|
(Restated) |
|
|
|
|
Accrued goods and services |
|
$ |
6,288 |
|
|
$ |
6,832 |
|
Accrued loss on supplier commitments |
|
|
1,324 |
|
|
|
1,634 |
|
Accrued inventory purchases |
|
|
2,768 |
|
|
|
1,756 |
|
Accrued customer reserves |
|
|
28,696 |
|
|
|
19,934 |
|
Other |
|
|
512 |
|
|
|
824 |
|
Accrued liabilities |
|
$ |
39,588 |
|
|
$ |
30,980 |
|
|
|
|
|
|
|
|
|
| Schedule of Change to Accrued Warranty |
Provision for warranty claims is primarily related to our hardware products and recorded at the time products are sold. The change to accrued warranty was as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Year ended
December 31, |
|
|
Year Ended December 31, |
|
|
|
2023 |
|
|
2024 |
|
|
|
|
|
|
|
|
Beginning balance |
|
$ |
1,651 |
|
|
$ |
1,484 |
|
Costs to service warranty |
|
|
(178 |
) |
|
|
(14 |
) |
Provision increase (decrease), net |
|
|
11 |
|
|
|
(27 |
) |
Ending balance |
|
$ |
1,484 |
|
|
$ |
1,443 |
|
|
|
|
|
|
|
|
|
| Schedule of Other Current Liabilities |
Other current liabilities consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2023 |
|
|
2024 |
|
|
|
(Restated) |
|
|
|
|
Accrued sales returns |
|
$ |
15,443 |
|
|
$ |
5,687 |
|
Accrued warranty |
|
|
1,174 |
|
|
|
1,274 |
|
Current lease liabilities |
|
|
1,531 |
|
|
|
1,232 |
|
Accrued taxes |
|
|
1,690 |
|
|
|
241 |
|
Other current liabilities |
|
$ |
19,838 |
|
|
$ |
8,434 |
|
|
| Schedule of Other Noncurrent Liabilities |
Other noncurrent liabilities consisted of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2023 |
|
|
2024 |
|
|
|
(Restated) |
|
|
|
|
Accrued loss on supplier commitments |
|
$ |
11,918 |
|
|
$ |
16,784 |
|
Accrued warranty |
|
|
310 |
|
|
|
169 |
|
Other liabilities |
|
|
1,308 |
|
|
|
1,469 |
|
Other noncurrent liabilities |
|
$ |
13,536 |
|
|
$ |
18,422 |
|
|
|
|
|
|
|
|
|